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23 Oct 2023, 11:42 am | Regulator or Authority Impersonation

Fake Emails Impersonating the DFSA

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to fake emails in which the DFSA is impersonated.

The scammers sent a number of emails purportedly from the DFSA to members of the public.  The initial email stated that the DFSA were:

 “working on your so called funds and we would require the payment of $1,645.87USD as a facilitation fee so our criminal lawyers would perform their duty accurately.”

This email was signed off by “Compliance Director, Supervision”.

The scammers then invited the recipients to contact “Markets” for further clarification on the content of the email. The email states “if you have any questions, please email at [email protected]) or, you can also send us a message via Twitter or Instagram”.

A further email was then sent to the recipient stating that the recipients’ wallet “isn’t under your custody due to the lack of a trading license…The cost of the trading license is $4,231.89 USD which can also be used while trading if needed.”

This further email was signed off by “Managing Director, Supervision”.

Should you receive either of these emails, the DFSA informs you that:

  • the email is false, fraudulent and was not sent by the DFSA;
  • the email address provided by the scammers for communications, [email protected], is not a legitimate email address of the DFSA;
  • the DFSA does not have a Twitter or Instagram account;
  • the DFSA does not charge members of the public for legal advice nor does it request payment of a licence via email, and
  • there is no such position as Compliance Director in the DFSA.

The DFSA suggests that firms and individuals can avoid being scammed by:

  • checking the relevant regulatory status of a person before doing business with them;
  • only doing business with firms or individuals you trust and being particularly cautious when receiving unsolicited communication - dealing with people you have never met may carry a higher risk; and
  • obtaining independent professional advice before entering any investment or transaction.

The DFSA has a page on its website dedicated to alerts which it has issued about scams. All alerts issued by the DFSA may be accessed by going to: ALERTS

The DFSA has also issued warnings and guidance about the common types of scams perpetrated on consumers. For more information on these scams, please go to: HOW TO AVOID BEING SCAMMED

The DFSA encourages consumers to refer to the list of regulated Firms and Authorised Individuals licensed by the DFSA that is available on the DFSA's: PUBLIC REGISTER

If you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the Dubai International Financial Centre (DIFC), DFSA or a DFSA regulated Firm, you should direct your concerns to the DIFC on Tel:+971 4 362 2222 and to the DFSA via the DFSA Complaints function on: COMPLAINTS 

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